Currency analyst

Gold decided to take a day off

On the daily chart of gold, price reached the target 200% in the AB = CD pattern. A breakout of the support line at $1,250 will open the way towards the $1220 (Target 88.6% in the "Bat" pattern) and $1210 (50% Fibonacci retracement level of the last upward wave). Alternatively, rebound will create prerequisites for the restoration of the rising trend.

On the hourly chart of gold, there is consolidation in the range of $1250-1267. Breakout of its upper limit might activate a "Shark" inverted pattern with target 88.6% ($1280). Successful test of the lower boundary of the trading channel might pull the quotes down to the $1220 and $1210 levels.

Recommendations:  BUY 1267 SL 1250 TP1 1300 TP2 1310

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